Cat Invests in Peer-to-Peer Rental Company
Caterpillar is entering an agreement with Yard Club, a startup company that has developed an online peer-to-peer equipment rental platform. Caterpillar has provided strategic financing to Yard Club and will launch the online ordering platform in specific metropolitan markets in conjunction with U.S. and Canadian Caterpillar dealers. The peer-to-peer rental platform will include both Cat products and non-Cat branded products.
The objective, based on a news release, is to let contractors rent equipment to other contractors.
"Yard Club has developed an innovative solution initially for the construction equipment industry," said Phil Kelliher, Caterpillar’s vice president with responsibility for Americas Distribution Services Division. "Using this platform, a contractor can rent an excavator that’s in between jobs to another contractor who needs that machine. The Cat dealer will use this tool as another avenue to strengthen customer relationships by increasing the utilization rates of heavy equipment and lowering the total cost of equipment ownership."
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